The current level of the euro is not threatening the performance of European companies, Pierre Moscovici, Europe’s Economic Commissioner said on Saturday.

Speaking on the sidelines of the Ambrosetti business conference in northern Italy, Moscovici said the strength of the euro also depended on monetary policy, adding he trusted the “leadership and vision” of European Central Bank President Mario Draghi.

“One must stay calm…the current level of the euro clearly does not prevent our companies winning market shares, being strong, performing and competitive, and exporting,” he said.